PSC

Progress Software announced the appointment of Executive Chairman Phil Pead to Interim Cheif Executive Officer, effective November 2, 2012.  Mr. Pead is replacing Jay Bhatt who left the company to pursue a leadership position at Blackboard, Inc. The Progress Board is continuing its process to identify a new President and CEO and has retained an executive search firm to assist in the search.

Progress Software has announced the appointment of Melissa Cruz to serve as its senior vice president, Finance & Administration and chief financial officer (CFO), effective today.  As CFO, Cruz will be a member of the company's executive leadership team, reporting to Jay H. Bhatt, president and chief executive officer, and will oversee the company’s global finance and accounting operations.

Cruz is a 28-year veteran of the technology industry with executive leadership and international experience across finance, human resources, IT and other shared services for publicly-traded software and service companies. Prior to joining Progress, she served as CFO at several fast growing, profitable software companies, including Picis, a leading provider of Healthcare software solutions which was acquired by UnitedHealth; BladeLogic, a market leader in data center automation; and Concord Communications, a provider of network security software.  She began her career at Digital Equipment and earned her B.S . in Finance from Boston College and a M.S. in Management from Lesley University.

"We are thrilled to add Melissa’s financial acumen and strategic thinking to the company's executive team," said Bhatt. "She brings an impressive mix of leadership, financial management skills, and broad software and operational knowledge and experience that will be invaluable as we continue to transform the company into a leader in the Application Platform as a Service (aPaaS) space."

Progress Software will sponsor and speak at the Cloud Channel Summit on November 7th in Mt. View, CA.  The Cloud Channel Summit is a one day executive forum where channel and partner development executives will share industry best practices and ideas for building profitable and successful channel partnerships in the Cloud.  For more information, visit Cloud Channel Summit.com.

Progress Software Corporation announced yesterday that President and Chief Executive Officer, Richard D. Reidy, will leave the company when a successor is named.  An external search will be initiated immediately. At the request of the company’s board of directors, Mr. Reidy will continue as President and CEO of the company until a successor has been confirmed.

Mr. Reidy has held numerous leadership positions at the enterprise software company during his 27-year tenure. He was appointed President and CEO in March 2009 and  provided the vision and leadership for Progress Software’s repositioning and its current business strategy. During this time, Mr. Reidy restructured the company, unifying its product and solution portfolio  into the company’s current “One Progress” structure, creating a more focused go-to-market discipline.

Michael Mark, Chairman of the Progress Board of Directors, said: “We deeply appreciate Rick’s excellent leadership through what have been transformative years and we’re thankful for the strong contributions Rick has made to Progress Software since its early days.  We are also grateful he has chosen to lead the company in the coming months as we search for a permanent CEO.”

Mr. Reidy commented: "Progress Software has undergone a profound and successful transformation over the past few years.  We have repositioned and refocused the company in exciting new high growth areas and are executing well.  New leadership will help accelerate our strategy going forward.  Progress has a rich 30 year history of providing compelling products, solutions and service, all of which continue to drive success for our customers and partners.   I would like to thank every Progress employee, customer and partner for the contributions they continue to make to the company's success."

Mr. Reidy will continue to serve on the company’s board of directors until his departure date.  The terms of Mr. Reidy’s departure were mutually agreed upon by Mr. Reidy and the Progress board of directors.